MeritValue

Zeo ScientifiX, Inc.

ZEOXdata completeness 100%15 fiscal years on file
The thesis, from the filings

Zeo ScientifiX, Inc. earns about -471% on equity, and has bought back 99% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.6M1$6.49M2$4.56M3$4.62M4$5.2M4
Net income−$12.8M5−$8.9M6−$6.99M7−$4.71M8−$5.52M8
Operating cash flow−$2.68M9−$3.17M10−$2.2M11−$1.45M12−$718,00012
Capital expenditure$424,74213$824,74314$26,00015—$23,00016
Free cash flow (derived)−$3.11M9−$3.99M10−$2.22M11—−$741,00012
Total debt$140,43417$563,11118$657,00019$680,00020$243,00020
Cash & equivalents$108,57021$3.75M22$1.76M23$657,00023$221,00023
Diluted shares1.13B5.7M7.0M6.3M6.4M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
−$2.22
your share of equity
Profit it earned you last year
−$8.61
Free cash flow it threw off
−$1.16
Debt you’d be carrying
$0.38

10 shares is a claim on −$2.22 of net worth that earned you −$8.61 and generated −$1.16 of cash last year, against $0.38 of debt.

iii. Is this a good business?
Moat signal · return on equity
-471% avg · 5y
FY21 —FY22 -471%FY23 —FY24 —FY25 —

It earned an average -471% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−99% shares · 5y

Share count is down 99% over 5 years — management has been buying back stock, quietly handing owners a bigger slice. Total debt has risen 73% over the same window.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 10-K · period ending 2021-10-31 · accession 0001829126-23-001524 (Revenues)
  2. 10-K · period ending 2022-10-31 · accession 0001829126-24-000541 (Revenues)
  3. 10-K · period ending 2023-10-31 · accession 0001829126-25-000536 (Revenues)
  4. 10-K · period ending 2024-10-31 · accession 0001829126-26-000763 (Revenues)
  5. 10-K · period ending 2021-10-31 · accession 0001829126-23-001524 (NetIncomeLoss)
  6. 10-K · period ending 2022-10-31 · accession 0001829126-24-000541 (NetIncomeLoss)
  7. 10-K · period ending 2023-10-31 · accession 0001829126-25-000536 (NetIncomeLoss)
  8. 10-K · period ending 2024-10-31 · accession 0001829126-26-000763 (NetIncomeLoss)
  9. 10-K · period ending 2021-10-31 · accession 0001829126-23-001524 (NetCashProvidedByUsedInOperatingActivities)
  10. 10-K · period ending 2022-10-31 · accession 0001829126-24-000541 (NetCashProvidedByUsedInOperatingActivities)
  11. 10-K · period ending 2023-10-31 · accession 0001829126-25-000536 (NetCashProvidedByUsedInOperatingActivities)
  12. 10-K · period ending 2024-10-31 · accession 0001829126-26-000763 (NetCashProvidedByUsedInOperatingActivities)
  13. 10-K · period ending 2021-10-31 · accession 0001829126-23-001524 (PaymentsToAcquirePropertyPlantAndEquipment)
  14. 10-K · period ending 2022-10-31 · accession 0001829126-24-000541 (PaymentsToAcquirePropertyPlantAndEquipment)
  15. 10-K · period ending 2023-10-31 · accession 0001829126-25-000536 (PaymentsToAcquirePropertyPlantAndEquipment)
  16. 10-K · period ending 2025-10-31 · accession 0001829126-26-000763 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 10-K · period ending 2021-10-31 · accession 0001829126-22-003605 (DebtCurrent)
  18. 10-K · period ending 2022-10-31 · accession 0001829126-24-000541 (LongTermDebtCurrent)
  19. 10-K · period ending 2023-10-31 · accession 0001829126-25-000536 (LongTermDebtCurrent)
  20. 10-K · period ending 2024-10-31 · accession 0001829126-26-000763 (LongTermDebtCurrent)
  21. 10-K · period ending 2021-10-31 · accession 0001829126-22-003605 (CashAndCashEquivalentsAtCarryingValue)
  22. 10-K · period ending 2022-10-31 · accession 0001829126-25-000536 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)
  23. 10-K · period ending 2023-10-31 · accession 0001829126-26-000763 (CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents)